Reince Priebus, chairman of the Republican National Committee, says the Grand Old Party has taken a jackhammer to its debt. “We have reexamined contracts, cut overhead by 35 percent, and exceeded our major-donor fundraising goals by 200 percent in just two short months,” Priebus writes in a statement. “As a result, the Committee raised $5.21 million in February.”

At year’s end, the RNC held over $725,000 in cash and over $21 million in debt.